Mubadala Leads $76 Million Funding Round for Nigerian Mobility Fintech Moove

Mubadala Leads $76 Million Funding Round for Nigerian Mobility Fintech Moove

By Staff Writer, 11 August 2023

UAE sovereign investor Mubadala Investment Company has taken the lead in a recent funding round, securing an impressive $76 million in equity and debt for Moove, a pioneering mobility fintech based in Nigeria. Moove specializes in providing vehicle financing solutions to drivers engaged with popular ride-hailing platforms like Uber.

The funding structure, as disclosed by Moove in a statement on Thursday, encompasses $28 million in equity from both new and existing investors, with Mubadala at the helm of the process. Additionally, the fintech secured $10 million in venture debt from funds and accounts expertly managed by BlackRock, along with a substantial $38 million from undisclosed sources, previously raised over the past year.

Related Spotlight: Financial Inclusion for Mobility Entrepreneurs

In light of this partnership, Faris Sohail Al Mazrui, the Head of Ventures & Growth at Mubadala, will extend his influence as he joins Moove's advisory board. Al Mazrui lauds Moove's accomplishments, highlighting their development of a scalable, tech-driven platform designed to serve mobility entrepreneurs worldwide. The platform provides essential access to credit and other financial services that were previously out of reach for this largely underserved market.

Ladi Delano, the Co-founder and Co-CEO of Moove, expresses enthusiasm regarding the collaboration with Mubadala and BlackRock. Delano shares plans to fortify their presence in already profitable markets, including the UAE, India, UK, and South Africa. Furthermore, Delano emphasizes the fintech's commitment to enhancing customer experience and expediting product development to achieve group-wide profitability within the upcoming year.

Founded in 2020, Moove is poised to leverage this substantial investment for global expansion and consolidation. Presently, Moove operates in 13 diverse markets spanning Africa, the Middle East, Europe, and Asia. Its strategic partnership with Uber has propelled it to become Uber's largest vehicle supply partner in the EMEA region. Notably, Moove has earned the distinction of being the second-largest vehicle partner in India and commands the largest EV fleet, measured by supply hours, within the UAE.

In 2022, Moove had successfully raised $30 million through its inaugural sukuk issuance, allocated to fuel the establishment of an electric vehicle ride-hailing fleet in the MENA region.

To read more about the drivers, barriers and the opportunity of fintech in Africa, as well as strides made towards financial inclusion – read the full report here

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